Dogecoin Surges Amid Whales’ $250M Investment

Dogecoin Eyes $0.20 as Miners Accumulate Post-Bitcoin Halving

In an electrifying market development, Dogecoin (DOGE) surged past the $0.20 mark in the early hours of March 5, reaching its highest level since December 2021, and marking a 150% increase in its weekly gains. Despite the cryptocurrency trading at a 3-year high, whale investors continue to pour millions into DOGE, signaling strong bullish momentum.

Whale Investors Embark on a Buying Frenzy

Remarkably, the current rally has pushed Dogecoin to a peak not seen in three years. However, the intrigue doesn’t stop with the price surge. On-chain data analysis reveals that a select group of whale investors, those holding at least 1 million DOGE, have not only refrained from selling but have aggressively increased their holdings.

Source: TradingView Dogecoin (DOGE) price action | Feb 28 – March 5, 2024

According to Santiment, these whale wallets saw their cumulative balance swell from 53.41 billion DOGE on February 29 to 54.75 billion DOGE by early March, representing an influx of approximately $250 million or 1.34 billion DOGE in just one week.

Related article: Dogecoin Founder Tweets Historical Message as Price Surges 18%

This strategic accumulation by whales at a time when Dogecoin hits a multi-year high suggests a strong belief in the cryptocurrency’s potential for further gains. This bullish sentiment among major stakeholders could inspire confidence in retail investors, encouraging them to also take bullish positions.

Dogecoin’s Path to $0.30: Analyzing the Potential

The concerted buying effort by Dogecoin whales, set against the backdrop of a 150% price rally, positions DOGE for a potential push towards the $0.30 mark in the upcoming weeks. Currently, Dogecoin trades slightly above $0.18, resting just above the Upper Bollinger Band—a signal that could forecast further upside.

Source: Santiment Dogecoin (DOGE) Whales Wallet Balances vs. Price

A decisive break above the psychological barrier of $0.25 could catapult the DOGE price by another 50%, aiming for the significant resistance level at $0.30. However, this bullish outlook is not without its challenges. Should Dogecoin lose the crucial $0.15 support level, bears might gain an upper hand. 

Related article: Dogecoin (DOGE) Surges to Highest Price Since November 2022 Amid Meme Coin Mania

Yet, the support buy-wall established at $0.17, as indicated by the Upper Bollinger Band, presents a formidable barrier against a bearish turn.

Dogecoin’s Bullish Horizon

The ongoing engagement of whale investors, coupled with Dogecoin’s impressive rally, underscores a vibrant and bullish outlook for the meme-based cryptocurrency. 

As whales continue their aggressive buying spree, the market watches eagerly to see if Dogecoin can sustain its momentum and break past the next critical resistance at $0.30.

Source: TradingView Dogecoin (DOGE) Price Forecast

With both the data and market sentiment leaning favorably, Dogecoin’s journey ahead promises to be closely watched by enthusiasts and investors alike, potentially setting the stage for new milestones in the cryptocurrency’s history.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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